IMF urges Mozambique to address debt audit concerns

By: | Published: July 20, 2017 12:35 PM

Mozambique should take steps to address information gaps that remained regarding the use of loans granted to three state-owned companies, the International Monetary Fund said.

Mozambique, International Monetary Fund, IMF, MAM, World News, Financial ExpressThe audit showed roughly a quarter of the money remained unaccounted for. (Reuters)

Mozambique should take steps to address information gaps that remained regarding the use of loans granted to three state-owned companies, the International Monetary Fund said. The IMF visited Mozambique from July 10-19 to discuss findings of an audit by risk-management firm Kroll into the country’s $2 billion in hidden loans to tuna fishing company EMATUM, security firm Proindicus and Mozambique Asset Management (MAM).

The audit showed roughly a quarter of the money remained unaccounted for. “The team urged the government to take steps to fill the information gaps and to enhance its action plan to strengthen transparency, improve governance, and ensure accountability,” the fund said in a statement late on Wednesday.

Get live Stock Prices from BSE and NSE and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Switch to Hindi Edition